Factors Of Demand Flashcards
1
Q
Name 5 factors of demand
A
Price Price of substitutes Income of consumer Trends Demographic changes
2
Q
Which way does the demand curve shift due to an increase in demand?
A
Demand curve shifts right
3
Q
Which way does the demand curve shift due to a decrease in demand?
A
Demand curve shifts left?
4
Q
What happens to the demand curve due to a change in price?
A
A shift along the existing demand curve
5
Q
What is a complement?
A
A product which must be used in conjunction with another product e.g. a CD player and CD
6
Q
What is a subsidy?
A
A sum of money granted by the state or a public body to help an industry or business keep the price of a commodity or service or low.
7
Q
Define demographics
A
Characteristics of human population
